Macro Overview
U.S. Size & Style
Growth factors led the size and style complex, with Large Growth (IVW) climbing 2.31% versus a 0.67% gain for Large Value (IVE), reflecting the day’s technology-driven leadership. Large Cap (IVV) outperformed both mid- and small-cap tiers, with Mid Cap (IJH) up only 0.37% and Small Cap (IJR) gaining 0.24%, both still holding RSI readings near 30 that suggest oversold conditions after weak one-month performances. Mid Value (IJJ) was essentially flat at -0.01%, underscoring the narrowness of Monday’s advance. Breadth remains thin across smaller-cap segments, with only 17-23% of constituents in the mid- and small-cap value categories trading above their 50-day moving averages, indicating the rally has yet to broaden beyond large-cap growth leadership.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.67% | -1.20% | 3.53% | 11.36% | 15.98% |
| Large Cap (IVV) | 1.56% | 1.27% | 3.87% | 14.35% | 17.87% |
| Large Growth (IVW) | 2.31% | 3.37% | 4.02% | 16.63% | 19.15% |
| Mid Value (IJJ) | -0.01% | -4.67% | -1.89% | 8.71% | 10.77% |
| Mid Cap (IJH) | 0.37% | -4.29% | -3.04% | 11.86% | 13.09% |
| Mid Growth (IJK) | 0.83% | -3.93% | -4.10% | 14.73% | 15.24% |
| Small Value (IJS) | -0.04% | -4.75% | -1.10% | 16.62% | 20.08% |
| Small Cap (IJR) | 0.24% | -5.13% | -2.42% | 16.81% | 18.27% |
| Small Growth (IJT) | 0.58% | -5.51% | -3.75% | 16.75% | 16.30% |
U.S. Sectors & Industries
Communication Services (XLC) topped the sector table with a 3.88% advance, followed closely by Technology (XLK) at 2.89%, consistent with the reported surge in chipmakers and AI-related names that pushed Technology’s RSI to 66. Consumer Discretionary (XLY) also participated with a 1.30% gain, though it remains down 5.43% year-to-date. Energy (XLE) was the lone sector decliner, falling 2.29% as crude oil prices dropped roughly 4% on diplomatic hopes tied to the Iran conflict, even as the sector retains a commanding 42.47% year-to-date gain. Defensive groups including Utilities (XLU), down 0.34% with an RSI of 28, and Consumer Staples (XLP), off 0.41%, lagged as investors rotated toward growth-oriented cyclicals.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 1.55% | 1.27% | 3.84% | 14.32% | 17.80% |
| Communication Services (XLC) | 3.88% | 3.33% | 5.45% | -1.64% | -2.38% |
| Technology (XLK) | 2.89% | 6.42% | 2.02% | 35.82% | 40.60% |
| Consumer Discretionary (XLY) | 1.30% | -4.70% | -3.80% | -5.43% | -6.09% |
| Real Estate (XLRE) | 0.98% | -4.74% | -1.24% | 8.07% | 6.13% |
| Health Care (XLV) | 0.75% | -2.84% | 14.05% | 10.53% | 25.72% |
| Financials (XLF) | 0.42% | -2.41% | 5.08% | 3.30% | 5.00% |
| Industrials (XLI) | 0.40% | -5.45% | -5.56% | 10.45% | 12.73% |
| Materials (XLB) | -0.10% | -6.73% | -3.25% | 11.01% | 11.95% |
| Utilities (XLU) | -0.34% | -4.23% | -7.91% | -2.77% | -0.89% |
| Consumer Staples (XLP) | -0.41% | -4.10% | -0.32% | 7.49% | 6.78% |
| Energy (XLE) | -2.29% | -1.26% | 17.70% | 42.47% | 46.37% |
Global Thematic
Thematic strategies tied to artificial intelligence and semiconductors led global flows, with the Spear Alpha ETF (SPRX) gaining 5.77% and the Global X AI Semiconductor & Quantum ETF (CHPX) adding 4.60%, consistent with the broader chip-driven equity rally. The Invesco AI and Next Gen Software ETF (IGPT) rose 5.26% and the WisdomTree Cybersecurity Fund (WCBR) climbed 4.47%, reflecting continued enthusiasm for technology-adjacent themes. On the losing side, natural resource and precious metals miners lagged, with the iShares North American Natural Resources ETF (IGE) falling 1.66% and the Global X Silver Miners ETF (SIL) down 1.51%, pressured by the sharp pullback in energy and softer metals prices.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Spear Alpha ETF (SPRX) | 5.77% |
| Invesco AI and Next Gen Software ETF (IGPT) | 5.26% |
| Global X AI Semiconductor & Quantum ETF (CHPX) | 4.60% |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | 4.56% |
| WisdomTree Cybersecurity Fund (WCBR) | 4.47% |
| Laggards | |
| iShares North American Natural Resources ETF (IGE) | -1.66% |
| State Street SPDR S&P North American Natural Resources ETF (NANR) | -1.64% |
| Global X Silver Miners ETF (SIL) | -1.51% |
| iShares MSCI Global Silver Miners ETF (SLVP) | -1.48% |
| VanEck Junior Gold Miners ETF (GDXJ) | -1.41% |
Developed ex-U.S. & Emerging Markets
Emerging markets outperformed developed peers, led by South Korea (EWY), which surged 4.33% and now shows a remarkable 94.57% year-to-date gain, alongside Taiwan (EWT), up 3.58% and 82.02% year-to-date, both benefiting from the semiconductor-driven risk appetite. China (MCHI) advanced 1.75% amid attention on the upcoming Trump-Xi summit, though it remains down 9.51% for the year. Within developed markets, France (EWQ) and Switzerland (EWL) each rose more than 1%, while Canada (EWC) lagged with a 0.35% gain. Indonesia (EIDO) was a notable emerging-market laggard, slipping 0.88% and remaining down 32.72% year-to-date, highlighting continued divergence within the EM complex.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 1.11% | -1.95% | 1.65% | 12.26% | 18.02% |
| Australia (EWA) | 1.01% | -3.65% | 1.68% | 12.45% | 11.41% |
| Canada (EWC) | 0.35% | -3.09% | 4.42% | 12.58% | 20.75% |
| France (EWQ) | 1.17% | -5.91% | -3.47% | 0.62% | 4.17% |
| Germany (EWG) | 1.07% | -3.62% | 2.60% | 2.23% | 5.40% |
| Hong Kong (EWH) | 1.38% | -2.53% | 6.95% | 8.82% | 11.20% |
| Japan (EWJ) | 0.99% | 2.92% | 1.77% | 21.97% | 26.51% |
| Netherlands (EWN) | 1.25% | -2.32% | -4.22% | 20.12% | 25.14% |
| South Korea (EWY) | 4.33% | 6.07% | -13.70% | 94.57% | 141.68% |
| Switzerland (EWL) | 1.28% | -5.52% | -0.85% | 3.21% | 11.99% |
| U.K. (EWU) | 0.89% | -2.55% | 4.91% | 10.00% | 19.24% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 2.69% | 2.55% | -2.77% | 26.44% | 32.38% |
| Brazil (EWZ) | 1.47% | 8.59% | 12.87% | 20.97% | 28.72% |
| China (MCHI) | 1.75% | -2.98% | 2.33% | -9.51% | -14.61% |
| India (INDA) | 1.00% | -2.30% | -2.18% | -10.27% | -10.09% |
| Indonesia (EIDO) | -0.88% | -3.21% | -0.56% | -32.72% | -28.59% |
| Malaysia (EWM) | 1.32% | -3.49% | 0.51% | 3.18% | 12.07% |
| Mexico (EWW) | 0.49% | -4.76% | -4.69% | 7.86% | 15.33% |
| South Africa (EZA) | -0.38% | -5.90% | 2.23% | 1.27% | 17.53% |
| Taiwan (EWT) | 3.58% | 10.87% | 5.14% | 82.02% | 90.86% |
| Thailand (THD) | 1.70% | -1.70% | 1.63% | 26.04% | 25.07% |
Fixed Income
Fixed income posted modest gains across most segments as Treasury yields eased, with Long-Term Treasuries (BLV) rising 0.64% and Preferred Stock (PFF) adding 0.70%. Convertible bonds (CWB) outperformed the broader fixed income complex with a 1.21% gain, benefiting from their equity sensitivity amid the technology-led rally. Core exposures such as the U.S. Aggregate Bond (AGG) gained 0.26%, while shorter-duration instruments like Ultrashort Treasuries (BIL) were roughly flat. Municipal bonds lagged the broader complex, with Intermediate Munis (MUB) declining 0.02% and High Yield Munis (HYD) off 0.16%, underscoring a divergence between taxable and tax-exempt fixed income performance.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.64% | 0.03% | -3.89% | -2.57% | -2.87% |
| Core Enhanced (IUSB) | 0.27% | -0.82% | -1.59% | -0.78% | 0.23% |
| Core (AGG) | 0.26% | -0.83% | -1.71% | -1.06% | -0.17% |
| Short-Term (BSV) | 0.07% | -0.78% | -0.36% | -0.03% | 1.09% |
| Government | |||||
| Long-Term (SPTL) | 0.69% | -0.23% | -4.13% | -3.10% | -3.24% |
| Inflation Protected (TIP) | 0.39% | -1.35% | -1.73% | -0.56% | -0.84% |
| Intermediate (SPTI) | 0.22% | -1.38% | -1.57% | -1.84% | -0.91% |
| Short-Term (SPTS) | 0.07% | -0.54% | 0.04% | 0.56% | 1.73% |
| Ultrashort (BIL) | 0.02% | 0.27% | 0.90% | 2.58% | 3.66% |
| Specialty | |||||
| Convertible (CWB) | 1.21% | -0.59% | -6.51% | 16.61% | 15.70% |
| Preferred Stock (PFF) | 0.70% | -0.34% | -1.89% | 0.98% | -0.86% |
| Mortgage Backed (MBB) | 0.33% | -1.28% | -1.99% | -1.04% | 0.41% |
| High Yield (HYG) | 0.19% | -0.62% | -0.18% | 1.55% | 2.72% |
| Corporate (SPIB) | 0.18% | -0.82% | -0.96% | -0.38% | 0.67% |
| Bank Loans (BKLN) | 0.07% | 0.92% | 2.66% | 2.62% | 4.79% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.44% | -1.63% | 0.49% | 2.14% | 5.09% |
| Emerging USD (EMB) | 0.43% | -0.56% | -1.79% | 0.84% | 3.90% |
| International USD (BNDX) | 0.34% | -0.67% | -1.64% | -0.45% | -0.02% |
| International Local (IGOV) | 0.17% | -2.15% | -1.46% | -2.54% | -3.23% |
| Municipals | |||||
| Long-Term (MLN) | 0.18% | -3.14% | -4.28% | -2.08% | -0.48% |
| Short-Term (SUB) | 0.01% | -0.75% | -0.56% | 0.37% | 0.85% |
| Intermediate (MUB) | -0.02% | -2.08% | -3.38% | -1.89% | -0.24% |
| High Yield (HYD) | -0.16% | -2.25% | -3.91% | -1.49% | 0.32% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities were mixed, with energy-linked funds bearing the brunt of the decline as WTI Crude (USO) fell 3.68% and Brent Crude (BNO) dropped 2.81% amid hopes for diplomatic resolution to the Iran conflict, though both remain up over 96% on a one-year basis. Agricultural commodities moved in the opposite direction, with Corn (CORN) rising 2.89% and the Broad Agriculture fund (DBA) gaining 1.88%. Precious metals softened modestly, with Gold (GLD) down 0.70% and Silver (SLV) off 0.50%, as risk appetite reduced demand for safe-haven assets. Industrial metals were mixed, with Copper (CPER) advancing 1.09% while the Broad Industrial Metals fund (DBB) slipped 0.23%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.49% | 3.60% | 16.51% | 39.43% | 51.21% |
| Agriculture | |||||
| Corn (CORN) | 2.89% | 6.63% | 19.59% | 14.33% | 14.26% |
| Broad (DBA) | 1.88% | 1.27% | 7.70% | 12.38% | 10.15% |
| Wheat (WEAT) | 1.74% | 3.54% | 14.69% | 31.75% | 24.99% |
| Soybeans (SOYB) | 1.59% | 7.16% | 15.86% | 28.64% | 28.05% |
| Sugar (CANE) | 0.72% | -0.71% | 19.04% | 14.10% | 7.38% |
| Energy | |||||
| Natural Gas (UNG) | -1.44% | 2.70% | -12.61% | -16.31% | -18.38% |
| Broad (DBE) | -2.18% | 9.02% | 32.17% | 107.90% | 99.71% |
| Brent Crude (BNO) | -2.81% | 9.42% | 34.16% | 107.87% | 96.50% |
| WTI Crude (USO) | -3.68% | 10.04% | 28.98% | 114.23% | 101.52% |
| Industrial Metals | |||||
| Copper (CPER) | 1.09% | 1.70% | 4.66% | 16.33% | 42.30% |
| Broad (DBB) | -0.23% | 1.29% | 2.29% | 12.82% | 31.59% |
| Precious Metals | |||||
| Palladium (PALL) | 0.17% | -2.94% | 2.15% | -18.39% | 13.16% |
| Platinum (PPLT) | 0.06% | -4.11% | 6.18% | -12.46% | 27.04% |
| Silver (SLV) | -0.50% | -4.93% | 0.20% | -7.44% | 52.74% |
| Broad (DBP) | -0.56% | -5.73% | 2.48% | -1.98% | 22.10% |
| Gold (GLD) | -0.70% | -5.90% | 2.91% | 0.52% | 17.45% |
Cryptocurrency
Digital assets rallied broadly, with XRP (XRP) leading the group at 6.71% and Bitcoin (IBIT) climbing 6.50%, consistent with reports of Bitcoin surpassing $86,000 during the session. Ethereum (ETHA) advanced 4.67% and the Multi-Coin fund (NCIQ) rose 5.60%, extending strong one-month performance across the space. Despite Monday’s gains, most crypto-linked funds remain deeply negative on a one-year basis, with Bitcoin down 25.03% and Ethereum off 37.89%, reflecting the scale of the prior drawdown. Solana (SOLZ) rose a comparatively modest 3.51%, lagging the rest of the complex on the day but still showing a 70.61% three-month gain.
What to Watch Today
Tuesday’s calendar includes the Richmond Fed Manufacturing Index for September at 10:00 AM ET, alongside weekly retail sales readings from ICSC and Johnson/Redbook. The Treasury will conduct a $78 billion auction of 2-year notes at 1:00 PM ET, followed by API weekly oil inventory data after the close. Earnings are due from AutoZone before the open and KB Home after the close. On the geopolitical front, Iranian President Masoud Pezeshkian is scheduled to lead Iran’s delegation at the UN General Assembly in New York, while the previously announced Trump-Xi Jinping summit in Washington remains on this week’s calendar.
U.S. equities staged a broad advance on Monday, with the S&P 500 (IVV) rising 1.56% to extend its year-to-date gain to 14.35%, powered by strength in technology and communication services names. Developed ex-U.S. markets participated as well, with the MSCI EAFE proxy (EFA) adding 1.11%, while Emerging Markets (EEM) outpaced both developed benchmarks with a 2.69% gain, pushing its year-to-date return to 26.44%. Fixed income also firmed modestly, with the U.S. Aggregate Bond (AGG) up 0.26% as yields eased. The clear outlier was Broad Commodities (DJP), which slipped 0.49% as a sharp decline in oil prices offset gains in agricultural components, contrasting with the risk-on tone across equities.